TAD funds sought for pre-development activities of a mixed-use development

Pre-development activities have been unveiled to build the first phase of a mixed-use, mixed-income project proposed by Evergreen Redevelopment LLC and First United Methodist Church of Atlanta. To complete the planned pre-development improvements of $2.7 million, a request for financial assistance has been requested from Invest in Atlanta.

The $250,000 predevelopment loan for the project located at 360 Peachtree Street NE was reviewed by the TAD Project and Policy Review Committee on February 10, 2022. The requested TAD loan will help fill the financial gap for pre-development services and financing of $2.25 million ISCL loan and $250,000 in equity.

According to information obtained by Invest in Atlanta, 360 Peachtree Phase 1 features 170 units of new, affordable, labor- and market-priced housing in Atlanta First UMC’s surface parking lots. The development will consist of a 16-story building built on a shared 4-story podium, a parking garage and approximately 5,000 square feet of retail space. Affordable rents will range from $485 to $1,081 per month, and market-priced units will have a monthly rental rate between $2,000 and $2,700.

In addition to the new construction, the historic annex building of the church will also be rehabilitated. This building houses the Downtown Help Center, which helps the working poor with rent, utilities, food, work shoes, tools and public transportation. Additionally, the annex building will be expanded to provide additional campus space for the Ansley School, a private educational institution targeting homeless children. The project development team includes Evergreen Redevelopment LLC as a developer and owner through a subsidiary to be created in partnership with Atlanta First United Methodist Church.

Additional partners include Evergreen construction (Construction Project Manager), Belfour Beatty and HJ Russell & Company (general contractors), Moody Nolin (lead architect), and SHAPE and Goode Van (architectural support). Evergreen Real Estate Services will manage the fully completed development.

Documents from Invest Atlanta listed the benefits of TAD loan approval, including:

• Active Atlanta first UMC church parking lots that are underutilized most of the week while providing new mixed-income residences with high levels of affordability.
• Rehabilitates existing facilities from the historic Atlanta’s first CMU, enabling the church to improve the services to the community provided at these facilities, including the Atlanta First Day School and the Downtown Help Centerproviding the necessary services to disadvantaged populations.
• Provides new space for a school that will serve homeless children.
• Adds new retail gear to an area that lacks retail offerings.

The project is expected to start construction in early 2023.